Forex and Crypto News

2019 became unprofitable for Bitcoin miners

09:53 13 December /2019

Due to the low price of Bitcoin, 2019 was the most difficult year for miners. In 2019, the Bitcoin hash rate increased significantly, setting several records, while the price of Bitcoin was falling, which reflected on the profit of miners. As a result, 2019 was unprofitable for the miners.

Despite the loss-making of Bitcoin mining, the activity of mining pools remains high. This is due to the expectation of a reduction in mining rewards in 2020. When the reward for mining is halved to 6.25BTC, mining will become even more unprofitable if the price of Bitcoin does not increase. As a result, miners are trying to squeeze out everything possible from mining.

hashrate btc.jpg

The Bitcoin hash chart demonstrates that the hashrate peaked at the end of October, then it exceeded 114.342 eh per second (EH/s). At the beginning of December, the hash reached 108 EH/s, but then it fell sharply, and on December 12, the ascent began again. This is evidenced by the data of the Blockchain.com service.

It is worth noting that Chinese miners still possess most of the Bitcoin hash. Chinese mining pools generate up to 65% of the computing power used to mine Bitcoin.

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12:01 17 December /2018